Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). The survey showed the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent, according to a Freddie Mac release.
“Mortgage rates continued their downward trajectory this week, as softer inflation data and a modest shift in the Federal Reserve’s monetary policy reverberated through the economy,” Freddie Mac Chief Economist Sam Khater said in the release.
“The good news for the housing market is that recent declines in rates have led to a stabilization in purchase demand. The bad news is that demand remains very weak in the face of affordability hurdles that are still quite high,” Khater added.
The PMMS also revealed the following:
- The 30-year FRM that averaged 6.31 percent as of Dec. 15, 2022, was down from the previous week when it averaged 6.33 percent. Last year at this time, the 30-year FRM averaged 3.12 percent.
- The 15-year FRM averaged 5.54 percent, down from the previous week when it averaged 5.67 percent. Last year at this time, the 15-year FRM averaged 2.34 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.